Common use of Casualty Damage Clause in Contracts

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restored.

Appears in 4 contracts

Samples: Lease (Editas Medicine, Inc.), Lease (Editas Medicine, Inc.), Lease (Editas Medicine, Inc.)

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Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 4 contracts

Samples: Office Lease Agreement (Tenfold Corp /Ut), Office Lease Agreement (Tenfold Corp /Ut), Office Lease Agreement (C Bridge Internet Solutions Inc)

Casualty Damage. A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall promptly notify Landlord in writing. During any period of time that all or a material portion of the Building Manager Premises is rendered untenantable as a result of any a fire or other casualty to casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 12 months of the Term remaining on the date of the casualty; (4) any Mortgagee with a notice first priority Mortgage requires that the insurance proceeds be applied to the payment of such termination the Mortgage debt pursuant to terms of the Mortgage that are commercially reasonable for loans for similar types of properties; (5) a material uninsured loss to the Building occurs; or (6) any restoration would be considered "construction" with respect to the Premises within the meaning of Treas. Reg. Section 1.856. Landlord or Tenant may exercise its right to terminate this Lease by notifying the other party in writing within 60 days after the date of the casualty. If this Lease does not terminate, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage, however subject to the abatement of Rent as set forth herein. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 3 contracts

Samples: Lease Agreement (Griffin Capital Essential Asset REIT II, Inc.), Lease Agreement (Griffin Capital Essential Asset REIT II, Inc.), Lease Agreement (Griffin Capital Essential Asset REIT II, Inc.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of If there occurs any fire or other casualty to the Premises or Project (other than to the extent it knows of damage, Premises) and: (i) insurance proceeds are unavailable to the Building. In the event the Premises Landlord or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly are insufficient to restore the same Project to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) daysits pre-casualty condition; or (ii) the insurance proceeds recovered by reason more than 30% of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration total area of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the BuildingBuilding is damaged, Landlord shall have the right to terminate this Lease and all the unaccrued obligations of the parties hereto hereto, by sending a written notice of such termination to Tenant within 60 days after such casualty. Such notice shall specify a termination date not fewer than 30 nor more than 90 days after such notice is given to Tenant. To If there occurs any casualty to the extent Premises and: (i) in Landlord’s reasonable judgment, the repair and restoration work would require more than 180 consecutive days to complete after fire the casualty (assuming normal work crews not engaged in overtime); or other (ii) the casualty that occurs during the last 12 months of the Term, Landlord and Tenant shall be deprived each have the right to terminate this Lease and all the unaccrued obligations of the parties hereto, by sending written notice of such termination to the other party within 60 days after the date of such casualty. Such notice shall specify a termination date not fewer than 30 nor more than 90 days after such notice is given to the other party, but in no event shall the termination date be after the last day of the Term. Notwithstanding the foregoing, if the casualty was caused by the act or omission of Tenant or any of Tenant’s agents, employees, invitees, assignees, subtenants, licensees or contractors, Tenant shall have no right to terminate this Lease due to the casualty. If there occurs any casualty to the Premises and neither party terminates this Lease, then notwithstanding anything to the contrary in this Lease, Tenant’s obligation to pay Fixed Rent and Additional Rent shall be equitably adjusted or abated during the period (if any) during which Tenant is not reasonably able to use and occupancy of the Premises or any an applicable portion thereof as a result of any such damage, destruction or the repair thereof, casualty. Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under have no right to terminate this Lease as a result of any damage or destruction of the amount Premises, except as expressly provided in this Section. The provisions of damaged this Lease, including this Section, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or useless space destruction of, all or any part of the Premises, and any Law with respect to any rights or obligations concerning damage or destruction in the Premises bears absence of an express agreement between the parties, and any other statute or regulation, now or hereafter in effect, shall have no application to the rentable square footage this Lease or any damage or destruction to all or any part of the Premises until such time as the Premises are restoredPremises.

Appears in 3 contracts

Samples: Confirmation of Lease (Paratek Pharmaceuticals, Inc.), Lease (Paratek Pharmaceuticals, Inc.), Lease (Paratek Pharmaceuticals, Inc.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 2 contracts

Samples: Office Lease Agreement (Saflink Corp), Office Lease Agreement (Acacia Communications, Inc.)

Casualty Damage. Tenant shall promptly notify Landlord If all or any portion of the Building Manager of any Premises becomes untenantable by fire or other casualty to the Premises or (collectively a “Casualty”), Landlord within forty-five (45) days after the occurrence of the Casualty shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a good faith written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the extent it knows of damage, to Premises (“Completion Estimate”). If the Building. In the event Completion Estimate indicates that the Premises or any substantial part Common Areas necessary to provide access to the Premises cannot be made tenantable within two hundred ten (210) days from the date of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insuranceCasualty, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to then either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord party shall have the right to terminate this Lease and all unaccrued obligations upon written notice to the other within ten (10) days after receipt of the parties hereto Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by sending a the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice of such termination to Tenant. To Tenant within ninety (90) days after the extent after fire or other casualty that Tenant shall be deprived date of the use Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and occupancy there is less than two (2) years of the Premises or any portion thereof as a result of any such damage, destruction or Term remaining on the repair thereof, Tenant shall be relieved date of the same ratable portion Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the Monthly Rent and other charges due under this Lease as the amount of damaged mortgage debt; or useless space in the Premises bears (3) a material uninsured loss to the rentable square footage of the Premises until such time as the Premises are restoredBuilding occurs.

Appears in 2 contracts

Samples: Office Lease Agreement (Oxford Immunotec Global PLC), Office Lease Agreement (Oxford Immunotec Global PLC)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall axxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 2 contracts

Samples: Office Lease Agreement (Ipayment Inc), Office Lease Agreement (Ipayment Inc)

Casualty Damage. Tenant shall promptly notify give prompt notice to Landlord or the Building Manager of any damage by fire or other casualty to of or on the Premises Premises. If such damage or to the extent it knows of damage, to the Building. In the event the Premises or casualty renders any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly Premises untenantable and the repair time to restore the same Premises to substantially a tenantable condition will exceed one hundred twenty (120) days (or will exceed thirty (30) days in the same condition existing immediately prior to such case of damage occurring during the last twelve (12) months of the Term), or destruction to the extent of insurance proceeds collected and made available by if any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable the Property requires application of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason to the reduction of the damage mortgage debt upon the occurrence of any such casualty, or destruction areif any material uninsured loss occurs, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and its option, terminate this Lease by written notice given to so notifying Tenant in writing within sixty (60) days after such damage or destruction, declare this Lease terminated as the date of the happening of such casualty or loss. If the damage by fire or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason other casualty renders any substantial part of the Premises untenantable and if the repair time to restore the Premises to a tenantable condition will exceed sixty (60) days (or will exceed thirty (30) days in the case of damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete occurring during the restoration last twelve (12) months of the BuildingTerm), Landlord shall have the right Tenant may elect to terminate this Lease and all unaccrued obligations by so notifying Landlord in writing within thirty (30) days after the date of the parties hereto casualty. If the Lease is not so terminated by sending a notice Landlord or Tenant, Landlord shall promptly begin and diligently pursue the work of such termination restoring the Premises (including the initial Tenant Improvements) to Tenantsubstantially their former condition as soon as reasonably possible. To Landlord shall not, however, be required to restore any alterations, additions, or improvements other than the initial Tenant Improvements. Landlord shall allow Tenant an equitable abatement of Base Rent and Additional Rent during the time and to the extent after the Premises are untenantable as the result of fire or other casualty that Tenant casualty, but such abatement shall be deprived of not extend the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredTerm.

Appears in 2 contracts

Samples: Office Lease Agreement (Franklin Financial Network Inc.), Office Lease Agreement (Franklin Financial Network Inc.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event If the Premises or any substantial part common areas of the Building is wholly or partially Property providing access thereto shall be damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Landlord will proceed promptly shall use available insurance proceeds to restore the same same. Such restoration shall be to substantially the same condition existing immediately prior to the casualty, except for modifications required by zoning and building codes and other Laws or by any Holder (as defined in Article 25), any other modifications to the common areas deemed desirable by Landlord (provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage or destruction the repair thereof. However, Landlord shall allow Tenant a proportionate abatement of Rent during the time and to the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the damage). Notwithstanding the foregoing to the contrary, Landlord may elect to terminate this Lease by notifying Tenant in writing of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant termination within sixty (60) days after the date of damage (such damage termination notice to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by Tenant or destructionits employees or agents, declare this Lease terminated as or if the Property shall be damaged by fire or other casualty or cause such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other premiums, (b) more than 25% of the happening Premises is affected by the damage, and fewer than 24 months remain in the Term, or any material damage occurs to the Premises during the last 12 months of such damage or destruction without further recourse to either party. Ifthe Term, (c) any Holder (as defined in Landlord’s sole judgment, Article 25) shall require that the net insurance proceeds recoverable or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered by reason Landlord's insurance policies, or (d) the cost of the damage repairs, alterations, restoration or destruction and made available by any mortgagee improvement work would exceed 25% of Landlord will not be adequate to complete the restoration replacement value of the Building, Landlord or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord's obligation to restore, and the abatement of Rent provided herein, shall be Tenant's sole recourse in the event of such damage, and waives any other rights Tenant may have the right under any applicable Law to terminate this the Lease and all unaccrued obligations by reason of the parties hereto by sending a notice of such termination damage to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or Property. Tenant acknowledges that this Article represents the repair thereof, Tenant shall be relieved of entire agreement between the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in parties respecting damage to the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredor Property.

Appears in 2 contracts

Samples: Office Lease (Interactive Flight Technologies Inc), Agreement (National Financial Partners Corp)

Casualty Damage. Tenant shall promptly notify Landlord or maintain sufficient insurance on the Building Manager of any fire in its reasonable discretion for casualty damage. If: (a) the Building shall be so damaged that substantial alteration or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part reconstruction of the Building is wholly shall, in Landlord’s opinion, be required (whether or not the Premises shall have been damaged by the casualty); or (b) the Premises shall be partially damaged or destroyed by fire or other casualty which is covered during the last one year of the Lease Term, and the estimated cost of repair exceeds 25% of the Base Rent then remaining to be paid by Tenant for the balance of the Lease Term; Landlord may, within 90 days after the casualty, give notice to Tenant of Landlord’s insuranceelection to terminate this Lease, and the balance of the Lease Term shall automatically expire on the fifth day after the notice is delivered. If Landlord does not elect to terminate this Lease, Landlord will shall proceed promptly with reasonable diligence to restore the same Building and the Premises to substantially the same condition existing they were in immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of before the happening of such damage or destruction without further recourse to either partythe casualty. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the BuildingHowever, Landlord shall have not be required to restore any unleased premises in the right Building or any portion of Tenant’s property. Rent shall xxxxx in proportion to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy portion of the Premises or any portion thereof not useable by Tenant as a result of any such damagecasualty covered by insurance carried or required to be carried by Landlord under this Lease, destruction as of the date on which the Premises becomes unusable. Landlord shall not otherwise be liable to Tenant for any delay in restoring the Premises or any inconvenience or annoyance to Tenant or injury to Tenant’s business resulting in any way from the damage or the repair thereofrepairs, Tenant shall be relieved Tenant’s sole remedy being the right to an abatement of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredRent.

Appears in 2 contracts

Samples: Lease Agreement (Protective Products of America, Inc.), Lease Agreement (Protective Products of America, Inc.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged) and Landlord terminates all other leases in the Building; (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; (5) a notice material uninsured loss to the Building occurs; (6) any restoration would be considered “construction” with respect to the Premises within the meaning of Treas. Reg. Section 1.856; or (7) such termination restoration would not be permitted under the Pooling and Servicing Agreement dated July 1, 2007 by and between J.P. Xxxxxx Xxxxx Commercial Mortgage Securities Corp., as Depositor, Wachovia Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, as Special Servicer and Lasalle Bank National Association, as Trustee, to which the Landlord is subject. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 60 days after the date of the casualty. Tenant shall have the right to terminate this Lease if: (I) Landlord is not permitted by Law to rebuild the portion of the Building in which the Premises is located to substantially the same form as existed before the fire or casualty or (II) the Premises have been materially damaged (i.e. at least 33% is not habitable) and there is less than 1 year of the Term remaining on the date of the casualty. Tenant may exercise its right to terminate this Lease by notifying Landlord in writing within 60 days after the date of the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). If such repair and restoration is not completed within two hundred seventy (270) days of the casualty, then Tenant shall have the right to terminate this Lease at any time thereafter until such completion occurs by notifying Landlord in writing. Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 2 contracts

Samples: Office Lease Agreement (Collegium Pharmaceutical Inc), Office Lease Agreement (Collegium Pharmaceutical, Inc)

Casualty Damage. Tenant shall promptly notify Landlord (a) Landlord's Options. If all or any part of the Building Manager of any Premises is damaged by ------------------ fire or other casualty to casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises or to the extent it knows is rendered untenantable as a result of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by a fire or other casualty which is covered by Landlord’s insurancecasualty, Landlord will proceed promptly to restore the same to substantially Rent shall xxxxx for the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason portion of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration (ie, work which will take in excess of one hundred eighty (180) days) or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than one (1) year of the Term remaining on the date of the casualty; or (4) a notice material uninsured loss to the Building occurs (provided that Landlord has complied with Article 14 above regarding insurance to be maintained by Landlord). Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within one hundred twenty (120) days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building (excluding any Tenant's Property, which Tenant shall repair). In no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 2 contracts

Samples: Lease Agreement (Equinix Inc), Lease Agreement (Equinix Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Building or Premises shall be destroyed or any substantial part of the Building is rendered untenantable, either wholly or partially damaged or destroyed in part, by fire or other casualty which casualty, unless this Lease is covered by Landlord’s insuranceterminated as provided below, Landlord will proceed promptly to shall restore the same Building or Premises to substantially as near their previous condition as is reasonably possible and in the meantime the Rent shall be abated in the same condition existing immediately prior proportion as the untenantable portion of the Premises bears to the whole thereof, provided, such damage or destruction abatement (i) shall apply only to the extent of insurance proceeds collected the Premises are untenantable for the purposes permitted under this Lease and made available not used by any mortgagee of Landlord unlessTenant as a result thereof, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or and (ii) the insurance proceeds recovered by reason shall not apply if Tenant or any other occupant of the damage Premises or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord maytheir agents, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage employees, invitees, transferees or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of contractors caused the damage through such party’s gross negligence or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, willful misconduct. Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be significantly damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises have been damaged) and Landlord is terminating all of the office leases for the Building; (2) Landlord is not permitted by sending a Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than two (2) years of the Term remaining on the date of the casualty; (4) any Lender requires that all or substantially all of the insurance proceeds be applied to the payment of the mortgage debt; (5) an uninsured loss of the Building occurs; or (6) in Landlord’s estimation the Premises or Building cannot be restored within one hundred twenty (120) days after the casualty has occurred. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing as soon as reasonably practicable but no later than sixty (60) days after the date of the casualty. However, if in Landlord’s estimation the Premises cannot be restored and access granted to Tenant for the Permitted Use within one hundred twenty (120) days following such destruction, but Landlord does not elect to terminate the Lease as provided above, Landlord shall notify Tenant (including providing the Outside Restoration Date, as hereinafter defined) and Tenant may terminate this Lease (regardless of Landlord’s intent to restore) by delivery of notice to Landlord within thirty (30) days of Landlord’s notice. Such restoration by Landlord shall not include replacement of furniture, equipment or other items that do not become part of the Building or any improvements to the Premises in excess of those provided for in the allowance for building standard items. If Landlord elects to restore the Building and/or Premises, as the case may be, then Landlord shall promptly begin such restoration and shall proceed with reasonable diligence to restore the Building and/or Premises, as applicable, in accordance with the terms of this Section 12. Tenant agrees that the abatement of Rent and termination right as provided herein shall be Tenant’s sole and exclusive recourse in the event of such damage, and Tenant waives any other rights Tenant may have under applicable Law to perform repairs or terminate the Lease by reason of damage to the Building or Premises. Notwithstanding the foregoing, if Landlord elects or is required to restore the Building and/or Premises, as applicable, and if Tenant does not terminate the Lease in the circumstances in which is it permitted to terminate the Lease as provided above, and Landlord fails to complete such restoration within the later of (a) one hundred twenty (120) days following the date of destruction or damage or (b) the time set forth in Landlord’s restoration notice as the estimated date of restoration (the “Outside Restoration Date”), then Tenant shall have the right to terminate the Lease upon written notice delivered to Landlord at any time after the Outside Restoration Date and prior to Landlord’s completion of such restoration, such termination to be effective forty-five (45) days after the date of delivery of the notice; provided, however, if Landlord completes such repairs prior to the expiration of the forty-five (45) day notice period, Tenant’s right to terminate shall be null and void. To In addition, and notwithstanding anything to the extent after fire or other casualty that contrary contained above in this Section 12, Tenant shall be deprived have the right to terminate this Lease if: (i) the Premises are damaged by casualty in the last two (2) years of the use Term; (ii) Landlord does not elect to terminate this Lease as provided above; and occupancy of (iii) in Landlord’s good faith opinion, the Premises or any portion thereof as a result cannot be restored within the earlier to occur of any (i) ninety (90) days after the date of such damage, destruction or (ii) the repair thereof, Expiration Date. If Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under elects to terminate this Lease as the amount of damaged or useless space provided in the Premises bears preceding sentence, it must give notice to the rentable square footage Landlord no later than thirty (30) days after it receives Landlord’s notice of timing for repair of the Premises until such time as the Premises are restoreddamage or it will be deemed to have waived its right to terminate this Lease.

Appears in 2 contracts

Samples: Office Lease (Carbon Black, Inc.), Office Lease (Carbon Black, Inc.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building or the Project shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building or the Project shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than eighteen (18) months of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building or the Project occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Premises Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, shall be those specifically provided in this Lease. Tenant shall be relieved of have the same ratable right to terminate this Lease i 1: (a) a substantial portion of the Monthly Rent Premises has been damaged by fire or other casualty and other charges due under this Lease such damage cannot reasonably be repaired (as reasonably determined by Landlord) within 60 days after Landlord’s receipt of all required permits to restore the amount of damaged or useless space in the Premises bears to the rentable square footage Premises; (b) there is less than eighteen (18) months of the Premises until Term remaining on the date of such time as casualty; and (c) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after the Premises are restoreddate of the fire or other casualty.

Appears in 2 contracts

Samples: Office Lease Agreement (GoPro, Inc.), Office Lease Agreement (GoPro, Inc.)

Casualty Damage. A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall promptly notify Landlord in writing (which may be satisfied by email to the property manager). During any period of time that all or a material portion of the Building Manager Premises is rendered untenantable as a result of any a fire or other casualty (whether to the Premises or to the extent it knows Building), the Rent shall xxxxx for the portion of damage, to the Building. In the event the Premises or any substantial part of that is untenantable and not used for the Building is wholly or partially damaged or destroyed Permitted Use by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) there is substantial damage to the Building and any Mortgagee requires that all or a notice material portion of such termination the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 60 days after the date of the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord together with the amount of any insurance deductible or copay. Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Thimble Point Acquisition Corp.)

Casualty Damage. Tenant shall promptly notify Landlord 16.01 If all or any portion of the Building Manager of any Premises becomes untenantable by fire or other casualty to the Premises or (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a good faith written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the extent it knows of damage, to Premises ("Completion Estimate"). If the Building. In the event Completion Estimate indicates that the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly Common Areas necessary to restore the same to substantially the same condition existing immediately prior to such damage or destruction provide access to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will Premises cannot be adequate to complete made tenantable within 180 days from the restoration of date the Buildingrepair is started, Landlord then either party shall have the right to terminate this Lease and all unaccrued obligations upon written notice given to the other within 10 days after receipt of the parties hereto Completion Estimate, and the effective date of termination shall be the date that is ninety (90) days after the date of said termination notice. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by sending the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a notice of material uninsured loss to the Building occurs. If Landlord so elects, then this Lease shall terminate on the date that is ninety (90) days after Landlord delivers such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restorednotice.

Appears in 1 contract

Samples: Office Lease Agreement (Ambient Corp /Ny)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged) and Landlord is therefore terminating all similarly situated leases in the Building ; (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds over $200,000 be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. In addition to Tenant. To Landlord's rights to terminate as provided herein, Tenant shall have the extent after right to terminate this Lease if: (1) a substantial portion of the Premises has been damaged by fire or other casualty that Tenant shall and such damage cannot reasonably be deprived repaired within sixty (60) days after the date of such fire or other casualty; (2) there is less than one (1) year of the use Lease Term remaining on the date of such casualty; (3) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and occupancy (4) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after the date of the fire or other casualty. If neither Landlord nor Tenant elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant's Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Infospace Com Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises If all or any substantial material part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations by notifying Landlord in writing within 90 days after the date of the parties hereto fire or other casualty; provided that Tenant is provided at least 60 days to vacate. If Tenant does not terminate this Lease under this Section 16, Tenant shall repair and restore the Premises (including the Tenant Improvements) or Alterations made by, or installed by sending a notice Tenant, in the Premises and the payment of Fixed Rent will not xxxxx; provided, however, that if Tenant terminates this Lease, Tenant shall not be required to repair or restore the Premises (such termination repair and restoration obligations being Landlord’s obligation) and Tenant shall remove Tenant’s Improvements or Alterations as set forth in Section 27 of this Lease. However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To ’s Personal Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Section, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of those specifically provided in this Lease, which shall constitute an express agreement between the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredparties with respect thereto.

Appears in 1 contract

Samples: Lease Agreement (Good Works Acquisition Corp.)

Casualty Damage. Tenant shall promptly notify Landlord 16.01 If all or any portion of the Building Manager of any Premises becomes untenantable by fire or other casualty to the Premises or (collectively a “Casualty”), Landlord, as quickly as reasonably possible, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete (as defined below) the repair and restoration of the Premises and any Common Areas necessary to provide access to the extent it knows of damage, to Premises (“Completion Estimate”). If the Building. In the event Completion Estimate indicates that the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly Common Areas necessary to restore the same to substantially the same condition existing immediately prior to such damage or destruction provide access to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will Premises cannot be adequate to complete made tenantable within 270 days from the restoration of date the Buildingrepair is started, Landlord then either party shall have the right to terminate this Lease and all unaccrued obligations upon written notice to the other within 10 days after receipt of the parties hereto Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by sending the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a notice of such termination material uninsured loss to Tenantthe Building or Premises occurs (provided Landlord’s Insurance was in full force and effect as required by Section 14). To the extent after fire or other casualty that In addition to Landlord’s right to terminate as provided herein, Tenant shall be deprived of have the use and occupancy right to terminate this Lease if: (a) a substantial portion of the Premises or any portion thereof as a result of any has been damaged by Casualty and such damage, destruction or the repair thereof, Tenant shall damage cannot reasonably be relieved repaired within 60 days after receipt of the same ratable portion Completion Estimate; (b) there is less than 1 year of the Monthly Rent and other charges due under this Lease as Term remaining on the amount of damaged or useless space in the Premises bears to the rentable square footage date of the Premises until such time as Casualty; (c) the Premises are restoredCasualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of Tenant’s receipt of the Completion Estimate.

Appears in 1 contract

Samples: Office Lease Agreement (Magma Design Automation Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs (provided that during the Lease Term, Landlord shall maintain so-called “all-risk” property insurance covering the Building in an amount equal to 90% of such termination the replacement cost thereof at the time in question). Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 75 days after the date of the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (New Century Equity Holdings Corp)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall axxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building or the Project shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building or the Project shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building or the Project occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Perlegen Sciences Inc)

Casualty Damage. A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall promptly immediately notify Landlord in writing. During any period of time that all or a material portion of the Building Manager Premises is rendered untenantable as a result of any a fire or other casualty to , the Rent shall xxxxx for the portion of the Premises or to the extent it knows of damage, to the Buildingthat is untenantable and not used by Tenant. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 ' years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty .In addition to Tenant. To Landlord's rights to terminate as provided herein, Tenant shall have the extent after right to terminate this Lease if: (1) a substantial portion of the Premises has been damaged by fire or other casualty that Tenant shall and such damage cannot reasonably be deprived repaired within 60 days after the date of such fire or other casualty; (2) there is less than one year of the use Lease Term remaining on the date of such casualty; (3) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and occupancy (4) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of the fire or other casualty .If neither Landlord nor Tenant elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant's Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Indus International Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building or the Project shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building or the Project, as the case may be, shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building or the Project occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Marketfirst Software Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 18 months of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. In addition to Tenant. To Landlord's right to terminate as provided herein, Tenant shall have the extent after right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty that Tenant shall and such damage cannot reasonably be deprived repaired within 60 days after receipt of the use Completion Estimate (defined in XVII.B. below); (b) there is less than 18 months of the Term remaining on the date of such casualty; (c) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and occupancy (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of the fire or other casualty. If neither Landlord nor Tenant terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant's Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Ziprealty Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building or the Project shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building or the Project shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building or the Project occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall promptly commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Commtouch Software LTD)

Casualty Damage. Tenant If the Premises or any part thereof shall promptly notify Landlord or the Building Manager of any be damaged by fire or other casualty casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged by such casualty) or in the event Landlord will not be permitted by applicable law to rebuild the Building in substantially the same form and area as existed prior to the Premises fire or to the extent it knows of damage, to the Building. In casualty or in the event the Premises or any substantial part has been materially damaged and there is less than two (2) years of the Lease Term remaining on the date of such casualty or in the event any Mortgagee should require that the insurance proceeds in excess of $250,000 payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building is wholly (meaning an uninsured loss of $250,000 or partially damaged or destroyed more, unless Tenant pays for any uninsured loss in excess of that amount), Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within ninety (90) days after the date of such casualty, provided such election to terminate must be made in good faith and not merely as a means to re-lease the Premises at rates more favorable than those set forth in this Lease. Such termination shall be effective as of the date of fire or other casualty which is covered by casualty, with respect to any portion of the Premises that was rendered untenantable, and the effective date of termination specified in Landlord’s insurance's notice, with respect to any portion of the Premises that remained tenantable. If Landlord does not elect to terminate this Lease, Landlord will shall commence and proceed promptly with reasonable diligence to restore the same Building (provided that Landlord shall not be required to restore any unleased premises in the Building) and the Tenant Improvements (but excluding any improvements, alterations or additions made by Tenant in violation of this Lease) located within the Premises, if any, which Landlord has insured to substantially the same condition existing they were in immediately prior to the happening of the casualty. Notwithstanding the foregoing, Landlord's obligation to restore the Building, and the Tenant Improvements, if any, shall not require Landlord to expend for such damage or destruction to the extent of insurance proceeds collected repair and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) work more than the insurance proceeds recovered actually received by reason the Landlord as a result of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to casualty. Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of if (i) any such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy restoration of the Premises is not completed within 180 days after the date of such casualty and such delays prevent Tenant from occupying the Premises for Tenant's normal business operations; or (ii) the Premises are damaged within the last two (2) years of the Lease Term and such damage prevents Tenant from occupying the Premises for Tenant's normal business operations. When repairs to the Premises have been completed by Landlord, Tenant shall complete the restoration or replacement of all Tenant's Property necessary to permit Tenant's reoccupancy of the Premises, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the Premises. Landlord shall not be liable for any portion thereof as a result inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage, destruction damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent on a per diem basis during the time and to the extent any damage to the Premises causes the Premises to be rendered untenantable and not used by Tenant. If the Premises or any other portion of the Building is damaged by fire or other casualty resulting from the negligence of Tenant or any Tenant Related Parties, the Rent hereunder shall not be diminished during any period during which the Premises, or any portion thereof, is untenantable (except to the extent Landlord is entitled to be reimbursed by the proceeds of any rental interruption insurance), and Tenant shall be relieved liable to Landlord for the cost of the same ratable portion repair and restoration of the Monthly Rent Building caused thereby to the extent such cost and other charges due under this expense is not covered by insurance proceeds. Landlord and Tenant hereby waive the provisions of any law from time to time in effect during the Lease as Term relating to the amount effect upon leases of damaged partial or useless space total destruction of leased property. Landlord and Tenant agree that their respective rights in the Premises bears event of any damage to the rentable square footage or destruction of the Premises until such time as the Premises are restoredshall be those specifically set forth herein.

Appears in 1 contract

Samples: Office Lease Agreement (Onyx Software Corp/Wa)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building or the Project shall be materially damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building or the Project, as the case may be, shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Building or the Project occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, the Initial Alterations and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord, provided that if Landlord does not have sufficient insurance proceeds to substantially complete the restoration of the Leasehold Improvements in the Premises and Landlord elects not to fund any shortfall, Landlord shall so notify Tenant and Tenant, within 10 days thereafter, shall have the right to terminate this Lease by the giving of written notice of such termination to Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved those specifically provided in this Lease. If Landlord has the right to terminate this Lease pursuant to this Article XVII, Landlord agrees to exercise such right in a nondiscriminatory fashion among leases affecting the Project. Consideration of the same ratable portion following factors in arriving at its decision shall not be deemed discriminatory: Length of term remaining on the Lease, time needed to repair and restore, costs of repair and restoration not covered by insurance proceeds, Landlord's plans to repair and restore Common Areas serving the Premises, Landlord's plans for repair and restoration of the Monthly Rent Building, and other charges due under this Lease relevant factors of Landlord's decision as the amount of damaged or useless space long as they are applied to Tenant in the Premises bears to the rentable square footage of the Premises until such time same manner as the Premises are restoredother tenants.

Appears in 1 contract

Samples: Lease Agreement (Aerogen Inc)

Casualty Damage. Tenant shall promptly notify Landlord A. If all or any part of the Building Manager Premises or a material portion of any fire the parking spaces or other casualty all reasonable means of access to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which casualty, Tenant shall immediately notify Landlord in writing. During any period of time that any portion of the Premises or the parking spaces or a reasonable means of access to the Premises is covered by Landlord’s insurancerendered unusable as a result of a fire or other casualty, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction Rent shall xxxxx to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason portion of the damage Premises, parking or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option access that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 60 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, the parking garage and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office and Laboratory Lease Agreement (Viacell Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises 17.1 If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Property or the Premises shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Property not covered by sending insurance shall be required (whether or not the Premises has been damaged) and Landlord is therefore terminating all leases in the Building; (2) Landlord is not permitted by Law to rebuild the Property or the Premises in substantially the same form as existed before the fire or casualty (in which event Tenant may also terminate this Lease); (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that such insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Property or the Premises occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Premises and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Zymogenetics Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall abate for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and xot used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. In addition to Tenant. To Landlord's rights to terminate as provided herein, Tenant shall have the extent after right to terminate this Lease if all of the following conditions occur: (1) a substantial portion of the Premises (i.e., greater than 25%) has been damaged by fire or other casualty that Tenant shall and such damage cannot reasonably be deprived repaired within sixty (60) days after the date of such fire or other casualty; and (2) there is less than one (1) year of the use Lease Term remaining on the date of such casualty; and occupancy (3) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and (4) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after the date of the fire or other casualty. If neither Landlord nor Tenant terminates this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant's Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Fundtech LTD)

Casualty Damage. A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall promptly immediately notify Landlord in writing. During any period of time that all or a material portion of the Building Manager Premises is rendered untenantable as a result of any a fire or other casualty (whether to the Premises or to the extent it knows Building), the Rent shall xxxxx for the portion of damage, to the Building. In the event the Premises or any substantial part of the Building that is wholly or partially damaged or destroyed untenantable and not used by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required constituting more than 30% of the full replacement cost value of the Building (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; or (4) a notice material uninsured loss to the Building occurs (provided that the lack of such termination insurance is not due to Landlord’s failure to maintain the insurance required by this Lease). Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of the casualty. Landlord shall only exercise its right to terminate this Lease in a good faith and non-discriminatory manner so as to avoid treating Tenant in a fashion different than other tenants in the Building similarly affected by the fire or other casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord (provided that the lack of insurance is not due to Landlord’s failure to maintain the insurance required by this Lease). Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Centrexion Therapeutics Corp)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall axxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Buildings shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Buildings shall be required (whether or not the Premises has been damaged) (ie, if at least 33% of the Rentable Square Footage of the Buildings will require such alteration or reconstruction); (2) Landlord is not permitted by sending Law to rebuild the Buildings in substantially the same form as existed before the fire or casualty and Tenant has not exercised any extension option; (3) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Buildings occurs which is not the result of such termination Landlord's failure to maintain insurance required hereunder. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 60 days after the date of the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Buildings and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Siebel Systems Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall axxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations lease if: (1) the Building or the Project shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building or the Project shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building or the Project occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvement (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: D Lease Agreement (SMTC Corp)

Casualty Damage. Tenant shall promptly notify (a) Following the occurrence of casualty that causes damage to the Building or the Premises (a “Casualty”), Landlord or Tenant (as applicable) shall, as soon as is reasonably possible, notify the Building Manager other in writing of such occurrence (a “Casualty Notice”) Thereafter, Landlord shall use commercially reasonable diligence in determining the amount of time that will be required to make any fire or other casualty and all necessary repairs to the Premises and/or Building, as applicable. If: (i) the Building shall be so damaged by such Casualty that substantial alteration or to the extent it knows reconstruction of damage, to the Building. In the event the Premises fifty percent (50%) or any substantial part more of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unlessshall, in Landlord’s sole judgmentopinion, be required (i) such damage whether or destruction is incapable of repair or restoration within one hundred eighty (180) daysnot the Premises shall have been damaged by the Casualty); or (ii) the insurance proceeds recovered by reason restoration or repair of the damage Building is not required under the Declaration and will not be undertaken by the Condominium Association or destruction are, in Landlord’s sole judgment, inadequate to complete is otherwise not required under the restoration Declaration and will not be undertaken by the condominium unit owners (or any of the Buildingthem); or (iii) there is any mortgagee material loss to the Building that is not covered by insurance required to be maintained by Landlord under this Lease or under the Declaration; or (iv) the Premises shall be partially damaged by a Casualty and the estimated cost of Landlord shall fail repair exceeds thirty percent (30%) of all Base Rent then remaining to make insurance proceeds available be paid by Tenant for restorationthe balance of the Lease Term, in any of which events then Landlord may, at within ninety (90) days after the Casualty, give notice to Tenant of Landlord’s option election to terminate this Lease, and by written notice given to Tenant within sixty the balance of the Lease Term shall automatically expire five (605) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredis delivered.

Appears in 1 contract

Samples: Lease Agreement (SKYX Platforms Corp.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to Lessor and Lessee agree that if the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially shall be materially damaged or destroyed by fire or other casualty which is covered by Landlord’s insuranceunder the policies of fire and extended coverage insurance on the Leased Premises, Landlord will and such damage or destruction could reasonably be repaired within one hundred twenty (120) days from the happening thereof, then Lessee shall proceed promptly with all reasonable speed to repair such damage or destruction and to restore the same Premises as nearly as practicable to substantially the same their condition existing immediately prior to preceding such damage or destruction to the extent of the available net insurance proceeds collected and made available subject to the approval by any mortgagee Lessor of Landlord unless, in Landlord’s sole judgment, (i) all plans and specifications for such damage or destruction is incapable repair. If the Premises cannot reasonably be restored within the number of repair or restoration days set forth above but can be restored within one hundred eighty (180) days; or (ii) , then Lessee may, but shall not be required to, restore the Premises in accordance with the foregoing. If Lessee does not elect to restore the Premises pursuant to the preceding sentence, then Lessor may, by prompt written notice to Lessee, elect to restore the Premises at its sole cost and expense using the net insurance proceeds recovered by reason of to apply to the damage or destruction arecost and expense necessary to restore the Premises. If neither party elects to restore the Premises, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare then this Lease terminated shall terminate as of the happening date of such damage or destruction and both parties shall be released from further liability hereunder, without further recourse prejudice, however, to any rights accruing to either party. If, in Landlord’s sole judgment, party prior to the net insurance proceeds recoverable by reason date of the such damage or destruction destruction. If in any case Lessee elects or is required to restore the Premises and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Buildingpromptly commences and thereafter diligently pursues such restoration, Landlord shall have the right to terminate this Lease and all unaccrued obligations shall not terminate, notwithstanding that the actual time required for such repairs or restoration may exceed that contemplated by the parties. The rent for the Premises during the time Lessee is deprived of the parties hereto by sending a notice possession on account of such termination to Tenant. To the extent after fire damage or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant or restoration thereof shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredabated on a per diem basis.

Appears in 1 contract

Samples: Lease (Aas Capital Corp)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises 17.1 If all or any substantial part of the Building is wholly or partially Premises are damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Property or the Premises shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Property not covered by sending insurance shall be required (whether or not the Premises has been damaged) and Landlord is therefore terminating all leases in the Building; (2) Landlord is not permitted by law to rebuild the Property or the Premises in substantially the same form as existed before the fire or casualty (in which event Tenant may also terminate this Lease): (3) the Premises have been materially damaged and there is less than two(2) years of the Term remaining on the date of the casualty: (4) any Mortgages requires that such insurance proceeds be applied to the payment of the mortgage debt: or (5) a notice material uninsured loss to the Property or the Premises occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within ninety (90) days after the date of such termination the casualty. If landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Premises and the Leasehold improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights from damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Zymogenetics Inc)

Casualty Damage. Tenant shall promptly notify Landlord 16.1 If all or any portion of the Building Manager of any Premises becomes untenantable by fire or other casualty to the Premises or (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the extent it knows of damage, to Premises (“Completion Estimate”). If the Building. In the event Completion Estimate indicates that (a) the Premises or (b) any substantial part Common Areas necessary to provide access to the Premises or (c) more than 10% of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made parking available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will cannot be adequate to complete made tenantable within 270 days from the restoration of date the Buildingrepair is started, Landlord then either party shall have the right to terminate this Lease and all unaccrued obligations upon written notice to the other within ten (10) days after receipt of the parties hereto by sending a notice Completion Estimate (except that in the event of such (c) above, Landlord shall have to option of providing commercially reasonable replacement and/or satellite parking, within sixty (60) days of the casualty, whereupon Tenant’s termination to Tenant. To the extent after fire or other casualty that Tenant right shall be deprived void with respect to such casualty). Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within ninety (90) days after the date of the use Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and occupancy there is less than one year of the Premises or any portion thereof as a result of any such damage, destruction or Term remaining on the repair thereof, Tenant shall be relieved date of the same ratable portion Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the Monthly Rent and other charges due under this Lease as the amount of damaged mortgage debt; or useless space in the Premises bears (3) a material uninsured loss to the rentable square footage of the Premises until such time as the Premises are restoredBuilding occurs.

Appears in 1 contract

Samples: Office Lease Agreement (Gomez Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 60 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord plus the deductible (other than with respect to an earthquake damage claim) applicable to the insurance claim in question. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Summit Bank Corp)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event If the Premises or any substantial part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the more than 50% of the Building is wholly or partially damaged or destroyed by fire in the event there is less than one (1) year of the Lease Term remaining or other casualty which is covered by in the event Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) should require that the insurance proceeds recovered by reason payable as a result of a casualty be applied to the payment of the damage mortgage debt or destruction are, in the event of any material uninsured loss to the Building (other than an uninsured loss resulting from Landlord’s sole judgmentfailure to carry the insurance required under Section 1l.A above), inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and its option, terminate this Lease by written notice given notifying Tenant in writing of such termination within sixty (60) days after the date of such casualty. If Landlord does not elect to terminate this Lease pursuant to the foregoing termination right, Landlord shall deliver to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as the date of the happening of such damage or destruction without further recourse to either party. Ifdamage, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason a reasonable estimate of the damage or destruction time required to repair and made available by any mortgagee of restore the Building (the “Repair Estimate”). If Landlord will does not be adequate to complete the restoration of the Building, Landlord shall have the right thus elect to terminate this Lease pursuant to the foregoing and all unaccrued obligations Tenant does not elect to terminate this Lease as provided below, Landlord shall commence and proceed with reasonable diligence to restore the Building, excluding the improvements installed or placed in the Premises by Landlord or Tenant at Tenant’s expense (whether under the Existing Lease or this Lease ) to substantially the same condition in which it was immediately prior to the happening of the parties hereto by sending casualty and shall use commercially reasonable efforts to complete such restoration within the time period set forth in the Repair Estimate. If as a notice result of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion part thereof as a result of any such damagehave been damaged, destruction or and provided that the Repair Estimate states that repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restored.and

Appears in 1 contract

Samples: Industrial Building Lease Agreement (Scynexis Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant In writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the leasehold improvements (excluding any alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's personal property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any law relating to the matters addressed in this Section, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Short Term Lease Agreement (Internet Capital Group Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) one or both of the parties hereto Buildings or the Project shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of one or both of the Buildings or the Project shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild one or both of the Buildings or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to one or both of such termination the Buildings or the Project occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building(s) and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Intrabiotics Pharmaceuticals Inc /De)

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Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment and all unaccrued obligations subject to the Completion Estimate in Article XVII.B herein, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Lecg Corp)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any of Tenant’s personal property and any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Oxigene Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises is covered by Landlord’s insurancerendered untenantable, Landlord will proceed promptly to restore or if the same to substantially the same condition existing immediately prior to Building is damaged such damage or destruction that Tenant is deprived of reasonable access to the extent Premises, as a result of insurance proceeds collected and made available by any mortgagee of Landlord unlessa fire or other casualty, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason Rent shall abatx xxx the portion of the damage Premises that is untenantable or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option inaccessible and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 18 months of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs, provided that if the Premises are not damaged, Landlord may not terminate this Lease unless Landlord similarly terminates the leases of such termination at least 50% of the other tenants in the Building. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Engage Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. In addition to Tenant. To Landlord’s rights to terminate as provided herein, Tenant shall have the extent after right to terminate this Lease if: (1) a substantial portion of the Premises has been damaged by fire or other casualty that Tenant shall and such damage cannot reasonably be deprived repaired within sixty (60) days after the date of such fire or other casualty; (2) there is less than one (1) year of the use Lease Term remaining on the date of such casualty; (3) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and occupancy (4) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after the date of the fire or other casualty. If neither Landlord nor Tenant elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Brightmail Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material, uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. In addition to Tenant. To Landlord's right to terminate as provided herein, Tenant shall have the extent after right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty that Tenant shall and such damage cannot reasonably be deprived repaired within 60 days after receipt of the use Completion Estimate (defined in XVII.B. below); (b) there is less than 1 year of the Term remaining on the date of such casualty; (c) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and occupancy (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the receipt of the Completion Estimate. Notwithstanding the foregoing, Landlord will not be entitled to terminate this Lease solely because there is less than 2 years on the Term if Tenant has an exercisable right to renew or extend the Term and Tenant, within 10 days after receipt of Landlord's notice of termination, validly exercises such right. The foregoing shall not prohibit Landlord from exercising its right to terminate for any of the other reasons set forth herein. If neither Landlord or Tenant elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord, provided that if Landlord does not have sufficient insurance proceeds to substantially complete the restoration of the Leasehold Improvements in the Premises and Landlord elects not to fund any shortfall, Landlord shall so notify Tenant and Tenant, within 10 days thereafter, shall have the right to terminate this Lease by the giving of written notice to Landlord. Landlord shall not be liable for any loss or damage to Tenant's Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Jamdat Mobile Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; Premises that isuntenantable and not used by Tenant effective from the date that said fire or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partycasualty occurred. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Homebanc Corp)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 60 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Interliant Inc)

Casualty Damage. Tenant shall promptly notify Landlord a. Tenant's Right to Terminate: if the Premises or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially shall be damaged or destroyed by fire fire, windstorm or any other casualty insured casualty, the Tenant shall immediately give written notice thereof to Landlord and unless this Lease is terminated as hereinafter provided, the Landlord, at his own expense, shall repair or rebuild the same so as to restore the Premises to substantially the same condition they were in immediately prior to such damage or destruction, subject however, to zoning and building laws then in existence, provided that the Landlord shall not be responsible for any delay in such repair or reconstruction which is covered may result from any cause beyond its reasonable control, and provided further that the Landlord shall not be required to expend more than the net amount of insurance proceeds, if any received, by Landlord for such purposes, plus the amount of any deductible, so long as the Landlord maintains the insurance required of it under this Lease. Notwithstanding the foregoing, the Landlord within 30 days after receipt of said written notice of damage, shall inform the Tenant if said damage can be repaired within 120 days, based upon a reasonable estimate of the Landlord’s insurance, 's architect and Engineer. If the Landlord will proceed promptly notifies the Tenant it cannot repair or rebuild the Premises so as to restore the same to substantially the same condition existing they were in immediately prior to the destruction within said 120 days, or if in fact the Premises is not restored within 120 days, then in either of such damage or destruction event, the Tenant may elect to cancel this Lease upon notice to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restored.

Appears in 1 contract

Samples: Avici Systems Inc

Casualty Damage. A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall promptly immediately notify Landlord in writing. During any period of time that all or a material portion of the Building Manager Premises is rendered untenantable as a result of any a fire or other casualty to (whether such casualty directly damages the Premises or to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration parts of the Building; or (iii) any mortgagee of Landlord ), the Rent shall fail to make insurance proceeds available axxxx for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as the portion of the happening of such damage or destruction without further recourse to either partyPremises that is untenantable and not used by Tenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease if: (1) Landlord is not permitted by Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (2) the Premises have been materially damaged and all unaccrued obligations there is less than one (1) year of the parties hereto Term remaining on the date of the casualty; (3) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (4) a material uninsured loss to the Building or the Project occurs (provided that at the time of the casualty, Landlord maintained commercially reasonable policies of insurance covering the Building). Landlord may exercise its right to terminate this Lease by sending a notice notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Premises Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Lease Agreement (Vivani Medical, Inc.)

Casualty Damage. Tenant shall promptly notify Landlord 16.01 If all or any portion of the Building Manager of any fire Premises becomes untenantable by fire, earthquake or other casualty to the Premises or Premises, including, without limitation, a casualty to the extent it knows Premises resulting from an act of damageterrorism (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the BuildingPremises (“Completion Estimate”). In If the event Completion Estimate indicates that the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly Common Areas necessary to restore the same to substantially the same condition existing immediately prior to such damage or destruction provide access to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will Premises cannot be adequate to complete made tenantable within 180 days from the restoration of date the Buildingrepair is started, Landlord then either party shall have the right to terminate this Lease and all unaccrued obligations upon written notice to the other within 10 days after receipt of the parties hereto Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by sending a the gross negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) each of the following conditions exists: (a) the Premises have been materially damaged by Casualty; (b) there is less than 1 year of the Term remaining on the date of the Casualty; and (c) either (i) such damage cannot reasonably be repaired within 60 days after receipt of the Completion Estimate, or (ii) less than 6 months of the Term would remain after expiration of such termination 60-day period; (2) any Mortgagee requires that the insurance proceeds be applied to Tenantthe payment of the mortgage debt; or (3) a material uninsured loss to the Building occurs. To the extent after fire or other casualty that In addition, Tenant shall be deprived of have the use and occupancy right to terminate this Lease if: (a) a substantial portion of the Premises or any portion thereof as a result of any has been damaged by Casualty and such damage, destruction or the repair thereof, Tenant shall damage cannot reasonably be relieved repaired within 60 days after receipt of the same ratable portion Completion Estimate; (b) each of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage following conditions exists: (i) there is less than 1 year of the Premises until Term remaining on the date of the Casualty; and (ii) either (x) such time as damage cannot reasonably be repaired within 60 days after receipt of the Premises are restoredCompletion Estimate, or (y) less than 6 months of the Term would remain after expiration of such 60-day period; (c) the Casualty was not caused by the gross negligence or willful misconduct of Tenant or its agents, employees or contractors; and (d) Tenant provides Landlord with written notice of its intent to terminate within 45 days after the date on which Landlord provides Tenant with the Completion Estimate.

Appears in 1 contract

Samples: Office Lease Agreement (Drugstore Com Inc)

Casualty Damage. A. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall promptly immediately notify Landlord in writing. During any period of time that all or a material portion of the Building Manager Premises is rendered untenantable as a result of any a fire or other casualty to the Premises or to Building, the extent it knows Rent shall abatx xxx the portion of damage, to the Building. In the event the Premises or any substantial part of the Building that is wholly or partially damaged or destroyed untenantable and not used by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto by sending a notice Building shall be required (whether or not the Premises has been damaged) and such damage cannot reasonably be repaired within 60 days after the date of such termination fire or other casualty; (2) Landlord is not permitted by Law to Tenantrebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 18 months of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Building occurs (other than due to Landlord's failure to maintain the All Risk property insurance required to be maintained by Landlord under Article XV of this Lease). To Landlord may exercise its right to terminate this Lease by notifying Tenant in writing as soon as reasonably practicable, but in any event within 90 days after the extent after date of the casualty. In addition to Landlord's rights to terminate as provided herein, Tenant shall have the right to terminate this Lease if: (a) all or a material portion of the Premises is rendered untenantable as a result of a fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restored.the

Appears in 1 contract

Samples: Office Lease Agreement (Nova Corp \Ga\)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, the cost of repair and all unaccrued obligations reconstruction will exceed 30% of the parties hereto replacement cost of the Building; (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) more than 30% of the Premises have been damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Building occurs and Landlord elects not to repair or reconstruct the Building. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building, the Premises, and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord; provided that if Landlord does not have sufficient proceeds to substantially complete the restoration of the Leasehold Improvements in the Premises and Landlord elects not to fund any shortfall, Landlord shall so notify Tenant and Tenant, within ten (10) days thereafter, shall have the right to terminate this Lease by the giving of written notice of such termination to Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restored.Lease. 13

Appears in 1 contract

Samples: Office Lease Agreement (Avenue a Inc)

Casualty Damage. Tenant shall promptly notify Landlord If the Conduit or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises Equipment Area or any substantial part of the Building is wholly or partially thereof shall be damaged or destroyed by fire or other casualty, Licensee shall give prompt written notice thereof to Owner. In case the Building shall be damaged such that substantial alteration or reconstruction of the Building, in Owner’s reasonable opinion, is required (whether or not the Conduit or Equipment Area shall have been damaged by such casualty) or in the event any mortgagee of Owner’s should require that the insurance proceeds payable as a result of a casualty which is covered be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Owner may, at its option, terminate this License by Landlord’s insurancenotifying Licensee in writing of such termination within ninety (90) days after the date of such casualty. If Owner does not thus elect to terminate this License, Landlord will Owner shall commence and proceed promptly with reasonable diligence to restore the same Building and improvements located within the mechanical rooms in which the Conduit is located; except that Owner’s obligation to substantially the same condition existing immediately prior restore shall not require Owner to spend for such damage or destruction to the extent work an amount in excess of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered actually received by reason Owner as a result of the damage or destruction arecasualty. When the repairs described in the preceding sentence have been completed by Owner, in Landlord’s sole judgment, inadequate to Licensee shall then complete the restoration of such improvements in excess of the Building; improvements performed by Owner as necessary to permit Licensee’s resumption of operations in the Conduit and Equipment Area pursuant to the final working drawings and specifications approved by Owner (“Improvements Restoration”). Construction of the Improvements Restoration shall be completed within two (2) months after Owner first notifies Licensee that the improvements have been completed. All cost and expense of completing the Improvements Restoration shall be borne by Licensee. Owner shall not be liable for any inconvenience or (iii) any mortgagee annoyance to Licensee or injury to the business of Landlord shall fail to make insurance proceeds available for restoration, Licensee resulting in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after way from such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restored.

Appears in 1 contract

Samples: Lease Agreement (AutoTrader Group, Inc.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of the casualty provided the effective date of such termination gives Tenant at least 30 days to vacate the Premises.. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Lease. B. If all or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant Premises shall be relieved made untenantable by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in time required to substantially complete the Premises bears to the rentable square footage repair and restoration of the Premises until such time as and make the Premises are restoredtenantable again, using standard working methods ("Completion Estimate"). If the Completion Estimate indicates that the Premises cannot be made tenantable within 210 days from the date the repair and restoration is started, then regardless of anything in Section XVII.A above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or any of Tenant's transferees, contractors or licensees. XVIII.

Appears in 1 contract

Samples: Office Lease Agreement (Centura Software Corp)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises 17.1 If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto by sending a notice Building shall be required (whether or not the Premises has been damaged) and Landlord estimates more than 180 days from the date of such termination casualty are required to complete such restoration; (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 12 months of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Building occurs, provided that Landlord has carried the insurance required to be carried under this Lease. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 60 days after the date of the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Tenant Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To ’s Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Section, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Summit Office Lease (Avanir Pharmaceuticals, Inc.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; or (4) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. In addition to Tenant. To Landlord’s right to terminate as provided herein, Tenant shall have the extent after right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty that Tenant shall and such damage cannot reasonably be deprived repaired within 60 days after receipt of the use Completion Estimate (defined in XVII.B. below); (b) there is less than 1 year of the Term remaining on the date of such casualty; (c) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and occupancy (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of the fire or other casualty. If neither Landlord nor Tenant elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord available for restoration. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Idine Rewards Network Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than one (1) year of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. In addition to Tenant. To Landlord's rights to terminate as provided herein, Tenant shall have the extent after right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty that Tenant shall and such damage cannot reasonably be deprived repaired within sixty (60) days after the date of such fire or other casualty; (b) there is less than one (1) year of the use Lease Term remaining on the date of such casualty; (c) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and occupancy (d) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after the date of the fire or other casualty. If neither Landlord nor Tenant elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant's Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Drugstore Com Inc)

Casualty Damage. Tenant shall promptly notify Landlord 17.01 If all or any portion of the Building Manager of any Premises becomes untenantable by fire or other casualty to the Premises or (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a good faith written estimate of the amount of time required using standard working methods to substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the extent it knows of damage, to Premises (the Building“Completion Estimate”). In If the event Completion Estimate indicates that the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly Common Areas necessary to restore the same to substantially the same condition existing immediately prior to such damage or destruction provide access to the extent of insurance proceeds collected and Premises cannot be made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, tenantable within two hundred ten (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60210) days after such damage or destruction, declare this Lease terminated as of from the happening date of such damage or destruction without further recourse to casualty, then either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord party shall have the right to terminate this Lease and all unaccrued obligations upon written notice to the other within ten (10) days after receipt of the parties hereto Completion Estimate. In addition, Landlord or Tenant, by sending a notice of such termination to Tenant. To the extent other within ten (10) business days after fire or other casualty that Tenant shall be deprived receipt of the use and occupancy Completion Estimate, shall have the right to terminate this Lease if there is less than eighteen (18) months remaining in the Lease Term as of the date of the Casualty, and the Completion Estimate indicates that it will require more than the lesser of (a) 180 days or (b) half of the remaining Lease Term (as of the date of the Completion Estimate) to cause the Premises to be made tenantable. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the gross negligence or intentional misconduct of Tenant or any portion thereof as a result of any such damageTenant Related Parties. In addition, destruction or Landlord, by notice to Tenant within ninety (90) days after the repair thereof, Tenant shall be relieved date of the same ratable portion Casualty, shall have the right to terminate this Lease if: (1) any Mortgagee requires that the insurance proceeds be applied to the payment of the Monthly Rent and other charges due under this Lease as the amount of damaged mortgage debt; or useless space in the Premises bears (2) a material uninsured loss to the rentable square footage of the Premises until such time as the Premises are restoredBuilding occurs.

Appears in 1 contract

Samples: Office Lease Agreement (Alarm.com Holdings, Inc.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall abatx xxx the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Zamba Corp)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord’s reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. In addition to Tenant. To Landlord’s right to terminate as provided herein, Tenant shall have the extent after right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty that Tenant shall and such damage cannot reasonably be deprived repaired within 60 days after receipt of the use Completion Estimate (defined in XVII.B. below); (b) there is less than 3 years of the Term remaining on the date of such casualty; and occupancy (c) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of the fire or other casualty. If neither Landlord nor Tenant terminates this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Behringer Harvard Opportunity REIT I, Inc.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall abate for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Prexxxxx that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant. To 's Property or to the extent after business of Tenant resulting in any way from the fire or other casualty that Tenant shall be deprived or from the repair and restoration of the use damage. Landlord and occupancy Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (PLM International Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. If the Building shall be so damaged that Tenant is prohibited from substantial part occupancy and such substantial repairs or reconstruction cannot be completed within 180 days from the date of damage, either Landlord or Tenant may terminate this Lease by the other in writing of such termination within thirty (30) days after the date of such damage. If neither party elects to terminate, Landlord shall commence and proceed with reasonable diligence to restore the Building to substantially the same condition in which it was immediately prior to the happening of the casualty, Tenant's equipment, trade fixtures, and furnishings excepted. However, Landlord shall not be required to spend for such work an amount in excess of the insurance proceeds actually received by Landlord as a result of the casualty. If there is any injury to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair abatement of Base Rent during the time and to the extent the Premises are unfit for occupancy. Notwithstanding the foregoing, if the Premises or any other portion of the Building is wholly or partially be damaged or destroyed by fire or other casualty which caused by Tenant, its employees, or invitees, the Base Rent hereunder shall not be diminished during the repair of such damage, and Tenant shall not be entitled to terminate the Lease and Tenant shall additionally be liable to Landlord for the entire cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of 's insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredproceeds.

Appears in 1 contract

Samples: Lease Agreement (Never Miss a Call Inc)

Casualty Damage. Tenant shall promptly notify Landlord 16.01 If all or any portion of the Building Manager of any Premises becomes untenantable or inaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord with a written estimate of the amount of time required, using standard working methods, to substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the extent it knows Premises (“Completion Estimate”). Landlord shall promptly forward a copy of damage, the Completion Estimate to Tenant. If the Building. In the event Completion Estimate indicates that the Premises or any substantial part Common Areas necessary to provide access to the Premises cannot be made tenantable within 270 days from the date of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insuranceCasualty, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to then either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord party shall have the right to terminate this Lease and all unaccrued obligations upon written notice to the other within 10 days after Tenant’s receipt of the parties hereto Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by sending a the intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice of such termination to Tenant. To Tenant within 90 days after the extent after fire or other casualty that Tenant shall be deprived date of the use Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and occupancy there is less than 1 year of the Premises or any portion thereof as a result of any such damage, destruction or Term remaining on the repair thereof, Tenant shall be relieved date of the same ratable portion Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the Monthly Rent and other charges due under this Lease as the amount of damaged mortgage debt; or useless space in the Premises bears (3) a material uninsured loss to the rentable square footage of the Building or Premises until such time as the Premises are restoredoccurs.

Appears in 1 contract

Samples: Office Lease Agreement (Ironwood Pharmaceuticals Inc)

Casualty Damage. Tenant shall promptly notify Landlord 16.01 If all or any portion of the Building Manager Premises becomes unusable for the reasonable operation of any Tenant’s business or inaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, but not later than sixty (60) days after the date of the Casualty, shall cause a licensed general contractor selected by Landlord to provide Landlord with a reasonable written estimate of the amount of time required, using standard working methods, to substantially complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the extent it knows Premises (“Completion Estimate”). Landlord shall promptly forward a copy of damage, the Completion Estimate to Tenant. If the Building. In the event Completion Estimate indicates that the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly Common Areas necessary to restore the same to substantially the same condition existing immediately prior to such damage or destruction provide access to the extent Premises cannot be made usable for the reasonable operation of insurance proceeds collected and made available by any mortgagee of Landlord unless, in LandlordTenant’s sole judgment, (i) such damage or destruction is incapable of repair or restoration business within one hundred eighty (180) days; or (ii) days from the insurance proceeds recovered by reason date of the damage or destruction aredamage, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, then Landlord shall have the right to terminate this Lease and all unaccrued obligations upon written notice to Tenant within ten (10) Business Days after Tenant’s receipt of the parties hereto by sending a notice of such termination to TenantCompletion Estimate. To If the extent after fire or other casualty Completion Estimate indicates that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result Common Areas necessary to provide access to the Premises cannot be made usable for the reasonable operation of any such Tenant’s business within one (1) year from the date of the damage, destruction or the repair thereof, then Tenant shall be relieved have the right to terminate this Lease upon written notice to Landlord within ten (10) Business Days after Tenant’s receipt of the same ratable portion Completion Estimate; except that if the damage occurs during the final two (2) years of the Monthly Rent and other charges due under Term, a period of one hundred eighty (180) days, rather than one (1) year, shall apply. Tenant, however, shall not have the right to terminate this Lease as if the amount Casualty was caused by the gross negligence or willful misconduct of damaged Tenant or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restored.any Tenant Related Parties. As used herein “

Appears in 1 contract

Samples: Office Lease Agreement (Zulily, Inc.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall xxxxx for the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; or (4) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. In addition to Tenant. To Landlord's right to terminate as provided herein, Tenant shall have the extent after right to terminate this Lease if: (a) a substantial portion of the Premises has been damaged by fire or other casualty that Tenant shall and such damage cannot reasonably be deprived repaired within 60 days after receipt of the use Completion Estimate (defined in XVII.B. below); (b) there is less than 1 year of the Term remaining on the date of such casualty; (c) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and occupancy (d) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of the fire or other casualty. If neither Landlord nor Tenant elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord available for restoration. Landlord shall not be liable for any loss or damage to Tenant's Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Idine Rewards Network Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises A. If all or any substantial part of the Building Premises is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Tenant shall immediately notify Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage in writing. During any period of time that all or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason a material portion of the damage Premises is rendered untenantable as a result of a fire or destruction areother casualty, in Landlord’s sole judgment, inadequate to complete the restoration Rent shall abatx xxx the portion of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Premises that is untenantable and not used by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partyTenant. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations if: (1) the Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the parties hereto Building shall be required (whether or not the Premises has been damaged); (2) Landlord is not permitted by sending Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a notice material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant in writing within 90 days after the date of such termination the casualty. In addition to Tenant. To Landlord's rights to terminate as provided herein, Tenant shall have the extent after right to terminate this Lease if: (1) a substantial portion of the Premises has been damaged by fire or other casualty that Tenant shall and such damage cannot reasonably be deprived repaired within 60 days after the date of such fire or other casualty; (2) there is less than1 year of the use Lease Term remaining on the date of such casualty; (3) the casualty was not caused by the negligence or willful misconduct of Tenant or its agents, employees or contractors; and occupancy (4) Tenant provides Landlord with written notice of its intent to terminate within 30 days after the date of the fire or other casualty. If neither Landlord nor Tenant elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by Tenant in violation of this Lease). However, in no event shall Landlord be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant's Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under those specifically provided in this Lease as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restoredLease.

Appears in 1 contract

Samples: Office Lease Agreement (Quokka Sports Inc)

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